Farbman Group, a full-service commercial real estate firm in Southfield, has announced the temporary assignment of six receiverships throughout the Midwest.
Totaling more than 800,000 square feet of space, four properties are located in southeast Michigan, one in Iowa, and one in Chicago.
Two of the local properties in receivership are located in Novi. The first is a 30,884-square-foot speculative medical office building located at 24301 Karim Blvd., which is currently under construction.
The second is a 37,260-square-foot multi-tenant mixed-use property located at 42350 Grand River Ave, which is approximately 70 percent occupied.
The two other local properties are The Park at River Woods in Ypsilanti and Laurel Park Office Center in Livonia.
The Park at River Woods is a 168-unit multifamily property located at 815-855 Green Road. Laurel Park Office Center is a 356,448-square-foot multi-tenant office building and theater located at 17290-17900 N. Laurel Park Dr., which is currently 52 percent occupied.
“These appointments are a reflection of the ongoing trust Midwest courts have in our ability to preserve infrastructure that’s important to their communities,” says Michael Kalil, COO at Farbman Group. “For almost five decades, Farbman Group has been a trusted partner for restoring value to struggling assets. As these properties navigate a period of uncertainty, our focus is not only to bring them back to stabilized operations, but position them for long-term success.”
Expanding beyond Michigan, the two final receivership appointments are located in Illinois and Iowa. The first building, 1600 Western, is a 252,876-square-foot multi-tenant industrial building located at 2442 and 2444 W. 16th St. in Chicago, with an approximate occupancy rate of 87 percent.
The second building, Windsor Terrace Apartments, is a 119,039-square-foot multifamily property with 136 units located at 3333 Grand Ave. in Des Moines, Iowa.
Farbman Group, founded in 1976, handles all facets of real estate transactions from property management and leasing to construction, acquisition, and disposition.
The firm manages more than 30 million square feet of office, retail, multifamily, student housing, and industrial space throughout the Midwest and beyond.
For more information, visit farbman.com.
